Brit appoints group chief risk officer
Brit Insurance has appointed Baldeep Johal to the newly-created position of group chief risk officer.
Having joined the general insurance group in 2001, Mr Johal was subsequently promoted to group chief actuary and is attributed with having created a strong actuarial and modelling team.
In his new post, he will report directly to Brit’s group chief executive officer, Dane Douetil.
Commenting on the appointment, Mr Douetil says: “With the advent of Solvency II we have taken the opportunity to move all our risk management activities within the responsibility of this newly-created role.”
He adds: “Baldeep will lead the group in assessing the entire risk landscape whilst ensuring the appropriate business balance between risk and reward.”
Shane Kingston is replacing Mr Johal as group chief actuary, having worked for the firm since 2004 as pricing actuary.
Brit has recently agreed the terms of a cash offer for the business made by Achilles, a newly-incorporated company formed on behalf of private equity firms, Apollo Management and CVC Capital Partners.
The move will give Brit shareholders who accept the offer up to £11 in cash per share, while non-accepting shareholders will receive £10.45 per share in cash plus a contingent value payment of up to £0.25 in cash per Brit share.
Category: Brit Insurance News, Employment News, Insurance News
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